Bitcoin in its current bull rally starting towards the end of October has not just broken records, but broken them in quite a poetic manner. BTC broke past the 2017 ATH of near $20,000 on 16 December rallying over $21,000, incidentally the 2017 bull run ended on the same day 3 years ago. Bitcoin also managed to breach $25,000 on December 25 and followed it with a new all-time high of $26,000 on December 26, prompting many jokes and memes on crypto Twitter.
Bitcoin managed to reach $26,000 within 2 hours of breaching the $25,000 resistance suggesting the bullish momentum in bitcoin’s favor. This high bullish momentum is evident from the lack of resistance and how bitcoin has managed to overcome flash crashes over $2,000 within hours. Most of the resistance post $20,000 became strong support, first the $21,000 and then $23,000. Bitcoin’s managed to post 17 green candles consecutively on the 15-minute chart showing exhausted bitcoin supply primarily because of over-buying by the likes of Grayscale, Microstrategy, and PayPal.
The ongoing bitcoin bullish rally this time around is largely dominated by the institutional giants such as MicroStrategy who converted $1.3 billion of its treasury into bitcoin, PayPal started Bitcoin trading service from the app itself allowing over 26 million of its customers to buy, sell and store their bitcoin using Paypal
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